EVAN Group plc.
- WKN: A19L42
- ISIN: DE000A19L426
- Land: Deutschland
Nachricht vom 13.03.2020 | 14:53
EVAN Group plc.: Success in Würzburg leads to leaner structures at EVANGroup
DGAP-News: EVAN Group plc.
/ Key word(s): Real Estate/Strategic Company Decision
Success in Würzburg leads to leaner structures at EVANGroup
- Sale of micro-apartments in Würzburg is going according to plan
- Exclusive focus in future on apartments in cities with high proportion of single households
- EVANGroup ends activities in the retail sector
"The background to this decision is the increasing reduction in sales in the stationary retail trade and the development risks associated with the implementation," explains Ulrich Gerstner, Director of EVAN. "We constantly review our market positioning and have come to the conclusion that our livinit strategy, i.e. the development and management of residential real estate in the micro-apartment segment, most effectively yields the returns we are expecting. In the future, we intend to concentrate exclusively on innovative living concepts in cities with a high proportion of single households."
For this reason the purchase contracts for the properties in Neuss, Bochum and Büdingen were not performed. This decision of the management is leading to a write-down on the properties mentioned and the resulting losses are being offset on the balance sheet by a capital reduction according to Maltese law. These measures ultimately lead to a balance sheet contraction and have no effect on the company's liquidity or on the interest payment or repayment of the issued bond. The total volume of the bond has already been adjusted to the new business orientation of the company.
There are currently 285 residential units being sold in Würzburg, which are being specifically built for students and hospital nursing staff. The property consists of four new buildings and one refurbished existing building. In addition to 246 apartments with an average size of 21.9 m², 39 apartments for flat-sharing communities can also be purchased. EVAN expects the construction work to be completed in autumn/winter 2021.
About EVANGroup plc:
EVANGroup plc is an institutional owner-operator of commercial properties in the top 10 German cities, using their long-standing experience to achieve appreciations in value in underserved niche markets, such as micro living for students and professionals, affordable accommodation for skilled personnel and specialty commercial properties. EVAN is following in the footsteps of UNIMO Real Estate Holding AG, with which EVAN's owners have successfully completed numerous transactions over the past two decades.
EVANGroup plc is building up the current and future portfolio of commercial and residential real estate in Germany on the basis of its livinit concept (development and management of residential properties).
Important Information / Disclaimer:
This publication and the information contained therein are not directed at or to be accessed by persons who are residents of the United States, who are physically present in the United States, who are otherwise "U.S. persons" as defined in Section 902 of Regulation S under the United States Securities Act of 1933, as amended (the "Securities Act") or who are located in Canada, Australia or Japan or any jurisdictions in which the distribution of this publication or release of such information would be unlawful.
Securities of EVANGroup plc cannot be offered or sold in the United States without registration under the Securities Act or pursuant to an exemption from such registration. EVANGroup plc has not registered, and does not intend to register, any of its securities under the Securities Act or to conduct a public offering of securities in the United States.
This publication shall not be regarded as an investment advice or recommendation.
This publication contains 'forward-looking statements'. Forward-looking statements are all statements, which do not describe facts of the past, but containing the words "believe", "estimate", "expect", "anticipate", "assume", "plan", "intend", "could", and words of similar meaning. These forward-looking statements are subject to inherent risks and uncertainties since they relate to future events and are based on current assumptions and estimates of EVANGroup plc, which might not occur at all or occur not as assumed. They therefore do not constitute a guarantee for the occurrence of future results or performances of EVANGroup plc The actual financial position and the actual results of EVANGroup plc, as well as the overall economic development and the regulatory environment may differ materially from the expectations, which are assumed explicitly or implicitly in the forward-looking statements and do not comply to them. Therefore, investors are warned to base their investment decisions with respect to EVANGroup plc on the forward-looking statements mentioned in this publication.
|Company:||EVAN Group plc.|
|St. Christopher Street 168|
|VLT 1467 Valletta|
|EQS News ID:||997143|
|End of News||DGAP News Service|
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